Credit Cards
Credit cards are a type of money substitute that allow you to make purchases without cash. After your application is approved, a card is issued by a bank in your name with a unique card number. This creates a credit account, which has a maximum spending limit known as the credit limit. When you make a purchase with your card, the merchant swipes your card and keys in the amount of your purchase. This information is sent to the issuing bank and is compared to your current credit account balance. If the current balance is below your spending limit by at least the purchase price, the transaction is approved. If the amount of the current purchase would cause your balance to exceed the spending limit, the transaction is refused.
The incredible convenience of charge cards for consumers, students, and businesses makes them very easy to use and to misuse. If you don't pay off your entire balance monthly, then the debt is decreased by the amount you paid towards your bill, and increased by the amount of the interest rate (Annual Percentage Rate or APR). The interest rate you are charged is a kind of fee for the convenience of using plastic to pay for purchases over time.
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Everything You Need To Know About Credit Card Rates - San Francisco Chronicle
Fri, 03 Sep 2010 16:09:32 GMT+00:00 Globe and MailEverything You Need To Know About Credit Card RatesSan Francisco ChronicleAs of June, 2010, the Federal Reserve estimates that Americans have approximately $827 billion in revolving credit, the majority of which is credit card ...Be credit card smartGlobe and MailCredit card rates set to rise as write-offs soarCitywire.co.ukFed urged to rein in credit card offersBoston GlobeNewsweek -MarketWatch -TheStreet.comall 302 news articles » |
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Credit Card Debt Management Pointers from New Credit Card Laws - Credit Loan (blog)
Fri, 03 Sep 2010 16:16:36 GMT+00:00 Moneywise MagazineCredit Card Debt Management Pointers from New Credit Card LawsCredit Loan (blog)The latest round of new rules for credit cards takes effect August 22. Those rules were made to protect consumers, so each can be taken as an indicator that ...How to Go From Credit Card Debt to MillionaireCredit Card Guide NewsWhy Credit Card Debt is Lower Than Ever Despite High Bankruptcy Rateslonad NewsStudents will have to learn new ways to build credit historiesFort Worth Star TelegramTopNews United States -Creditcards.co.uk -Rapid City Journalall 27 news articles » |
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Cuomo Opens Probe of Credit-Card Marketing to New York College Students - Bloomberg
Thu, 02 Sep 2010 19:31:41 GMT+00:00 aircargoworldCuomo Opens Probe of Credit-Card Marketing to New York College StudentsBloombergNew York began a statewide investigation into credit-card marketing practices that target college students ...New York investigating college credit card offersDebtmerica Relief (blog)Credit Card Marketers Targeting Students Get New ScrutinyConsumer AffairsCuomo attacks credit cards on campusesWIVBKaiser Health Newsall 17 news articles » |
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